Bank of China celebrates 15th anniversary of reopening in Malaysia

Bank of China celebrated its 15th anniversary of reopening in Malaysia on Tuesday, aiming to further facilitate trade and investment between the two countries.

Bank of China opened in Penang in 1939, before opening up more branches in the Malay Peninsula. The bank was forced to end its operation in 1959 for historical reasons, less than two years after Malaysia gained independence.

Bank of China reopened in Kuala Lumpur, Malaysia's capital on Feb. 23, 2001. In 15 years, it has expanded to seven branches and two China Visa Centers across the country with more than 300 staffs.

It was designated as renminbi clearing bank in Malaysia by central banks of both countries.

Wang Hongwei, chief executive of Bank of China Malaysia, said the bank would continue to facilitate exchanges and cooperation between China and Malaysia.

On the cooperation of the "Belt and Road" initiative, Bank of China will provide service to local Chinese community, companies and investors from China, as well as helping its Malaysia customers to venture to global markets, Wang said.

The bank will also continue pushing for the building of a renminbi offshore market in Malaysia as part of the efforts for the internationalization of the Chinese currency, he added. Endit